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AI核心结论
ADM reported modest Q1 FY2026 growth with revenue up 1.6% to $20.49B and net income up 1.0% to $298M, while operating cash flow turned strongly positive at $150M versus -$342M a year ago.
营业收入
$20.49B
同比 ++1.56%
每股收益（基本）
$0.62
同比 ++1.64%
毛利率
6.0%
同比 ++0.12%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Archer-Daniels-Midland (ADM) Q1 FY2026 营收 $20.49B，同比增长 1.6%。 净利润 $298M，同比增长 1.0%，稀释每股收益 $0.62。 毛利率 6.0%。
ADM's Q1 FY2026 revenue increased 1.6% year-over-year to $20.49B from $20.18B, suggesting modest volume or pricing gains across its agricultural commodities and processing segments despite a challenging macro environment.
来源: Source: 10-Q Income Statement Data
Gross profit rose 3.6% to $1.22B while cost of revenue grew at a slower pace of 1.4% to $19.27B, resulting in a modest gross margin improvement from 5.85% to 5.96%, indicating some relief in input cost pressures relative to revenue growth.
来源: Source: 10-Q Income Statement Data
SG&A expenses increased 3.1% year-over-year to $961M, growing faster than revenue at 1.6%, which pressured operating income and reflects ongoing investments in administrative and selling infrastructure.
来源: Source: 10-Q Income Statement Data
Operating cash flow improved dramatically to $150M in Q1 FY2026 from -$342M in Q1 FY2025, a swing of nearly $492M, suggesting improved working capital management and stronger cash conversion from operations.
来源: Source: 10-Q Cash Flow Statement Data
Long-term debt declined 15.0% year-over-year to $6.46B from $7.60B, reflecting active deleveraging efforts, though current liabilities rose 13.4% to $22.88B, warranting monitoring of near-term liquidity.
来源: Source: 10-Q Balance Sheet Data
ADM operates with a gross margin of approximately 5.96%, leaving very little buffer against commodity price swings, supply chain disruptions, or demand softness. A small adverse move in input costs relative to selling prices could significantly erode profitability.
来源: Source: 10-Q Income Statement Data
Current liabilities surged 13.4% year-over-year to $22.88B while cash and equivalents fell 31.6% to $591M. Although the current ratio remains above 1.0 at 1.31, the rapid growth in short-term obligations relative to liquid assets warrants close attention.
来源: Source: 10-Q Balance Sheet Data
Cash and equivalents dropped from $864M to $591M, a decline of 31.6% year-over-year. Given ADM's large operational scale and capital requirements, reduced cash on hand limits financial flexibility in the event of unexpected disruptions.
来源: Source: 10-Q Balance Sheet Data
SG&A expenses grew at 3.1%, nearly double the revenue growth rate of 1.6%, indicating that overhead costs are not being well-controlled relative to top-line expansion. Sustained divergence between cost growth and revenue growth could further compress already thin operating margins.
来源: Source: 10-Q Income Statement Data
ROA stands at approximately 0.54%, reflecting the capital-intensive nature of ADM's agribusiness model with $55.6B in total assets generating only $298M in net income. This low asset productivity limits the company's ability to generate meaningful returns without significant volume growth.
来源: Source: 10-Q Balance Sheet and Income Statement Data
Q1 FY2026 实际 EPS $0.71，分析师一致预期 $0.67，超预期 +6.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $20.49B | $20.18B | +1.56% |
营业成本 | $19.27B | $19B | +1.44% |
毛利润 | $1.22B | $1.18B | +3.56% |
净利润 | $298M | $295M | +1.02% |
每股收益（基本） | $0.62 | $0.61 | +1.64% |
每股收益（稀释） | $0.62 | $0.61 | +1.64% |
销售及管理费用 | $961M | $932M | +3.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $55.6B | $53.4B | +4.11% |
流动资产 | $29.99B | $27.88B | +7.57% |
流动负债 | $22.88B | $20.17B | +13.43% |
现金及等价物 | $591M | $864M | -31.60% |
长期债务 | $6.46B | $7.6B | -14.99% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $150M | $-342M | +143.86% |
投资活动现金流 | $-128M | $-129M | +0.78% |
筹资活动现金流 | $612M | $587M | +4.26% |
股息支出 | $254M | $247M | +2.83% |
折旧及摊销 | $293M | $287M | +2.09% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 6.0% | 5.8% | +0.12% |
净利率 | 1.5% | — | — |
总资产收益率 | 0.5% | — | — |
流动比率 | $1.311 | — | — |
ADM reported Q1 FY2026 revenue of $20.49B, up 1.6% year-over-year, and net income of $298M, up 1.0% from $295M in the prior year period. EPS came in at $0.62 basic and diluted, compared to $0.61 a year ago, reflecting modest but stable earnings growth.
The most notable highlight was the dramatic turnaround in operating cash flow, which swung from -$342M to +$150M year-over-year, signaling improved working capital management. ADM also reduced long-term debt by 15.0% to $6.46B, though cash reserves fell 31.6% to $591M and current liabilities rose sharply by 13.4%.
Based on the financial data, key risks include ADM's very thin gross margin of ~5.96%, which leaves little buffer against commodity price swings, and a 13.4% surge in current liabilities to $22.88B alongside a 31.6% drop in cash to $591M, which tightens near-term liquidity. SG&A expenses also grew faster than revenue, adding pressure to already slim operating margins.
ADM's revenue grew 1.6% year-over-year to $20.49B in Q1 FY2026, up from $20.18B in Q1 FY2025, reflecting modest volume or pricing gains in its agricultural commodity processing and origination operations. This growth rate is relatively modest given the scale of ADM's operations.
ADM's financial health shows a mixed picture: the current ratio of 1.31 provides adequate short-term liquidity, and long-term debt declined 15.0% to $6.46B, but cash fell sharply to $591M and current liabilities surged 13.4% to $22.88B. Operating cash flow turned positive at $150M, and total assets grew 4.1% to $55.6B, but the company's ROA of just 0.54% reflects the capital-intensive, low-margin nature of its agribusiness model.