Just went through ADM's Q4 results and gotta say, the numbers paint a pretty mixed picture. Earnings actually beat expectations at 87 cents per share versus the 83-cent consensus, but here's where things get rough – revenues tanked 13.7% year-over-year to $18.6 billion, missing the $22.3 billion estimate by a significant margin. The hurted quotes are showing up across multiple segments, which is worth paying attention to.

The real pressure is in their Ag Services & Oilseeds division, where operating profit dropped 31% from last year. Crush margins got absolutely wrecked in both North and South America, and they took some nasty mark-to-market hits. The soybean export activity from North America also slowed considerably. Carbohydrate Solutions saw a 6% profit decline, though their ethanol business did pop 187% – that's the one bright spot in an otherwise tough quarter.

What caught my eye is management's 2026 guidance: they're calling for adjusted EPS between $3.60-$4.25, with a lot depending on whether crush margins improve and biofuel policy finally gets sorted out. The lower end assumes margins stay flat, which honestly feels like they're bracing for more headwinds. On the plus side, they're raising the dividend again – 94 straight years of payouts – and planning $1.3-$1.5 billion in capex.

Bottom line: solid earnings surprise, but the revenue miss and segment pressure suggest the commodity and crush margin environment is still pretty challenging right now. Worth watching how the year plays out.