The quarter was broadly in line with expectations. Adjusted EPS was $2.00, compared with published estimates ranging from roughly $1.95 to $2.03, while revenue reached $24.04 billion versus an estimate near $23.08 billion. That makes the headline result a modest revenue beat but not a meaningful earnings surprise.
| Metric | Q2 2026 | Q2 2025 | Market comparison |
|---|---|---|---|
| Adjusted EPS | $2.00 | $1.31 | ~$1.95-$2.03 consensus |
| Revenue | $24.04B | $12.77B | ~$23.08B consensus |
| Adjusted total EBIT | $665M | $293M | — |
| Adjusted segment EBIT | $796M | $373M | — |
| Operating cash flow | $(1.13)B | $(1.36)B | — |
Underlying operating performance improved sharply. Adjusted segment EBIT more than doubled year over year to $796 million, led by soybean processing and refining at $445 million and softseed processing and refining at $255 million. The gains reflect stronger processing margins, expanded Viterra-related capacity and origination, and better results across North and South America (Segment results — Soybean Processing and Refining; Segment results — Softseed Processing and Refining).
The mix was less clean than the headline growth suggests. Grain Merchandising and Milling’s adjusted EBIT rose to $67 million from $29 million, but remained below its reported $173 million because of mark-to-market effects and certain charges; Corporate and Other expenses also worsened to an adjusted loss of $131 million from $80 million (Segment results — Grain Merchandising and Milling; Corporate and Other). The Viterra combination is adding earnings capacity, but also increasing corporate costs and integration expense.
Management raised the full-year outlook, but only modestly versus what the market already assumed. The 2026 adjusted EPS range increased to $9.25-$9.75 from $9.00-$9.50, lifting the midpoint by $0.25 to $9.50. That midpoint is effectively around the published full-year consensus of approximately $9.49, so the guidance move is an incremental positive rather than a major reset.
Cash conversion and leverage remain the counterweight. Reported operating cash flow was still negative at $1.13 billion, driven chiefly by a $2.24 billion inventory investment, while total debt rose to roughly $15.2 billion from $14.1 billion at year-end (Cash Flow statement; Balance Sheet). Adjusted funds from operations improved to $1.29 billion from $693 million, but the filing still shows a capital-intensive business relying on working-capital financing (Adjusted Funds From Operations).
Read the original 8-K on SEC EDGAR ↗