Just caught ADM's Q4 results and honestly, the earnings beat didn't really move the needle on the revenue side. They posted 87 cents adjusted EPS, which beat estimates, but that's down from $1.14 last year - so yeah, the hurt quotes are pretty real here. Revenue dropped 13.7% to $18.6 billion, missing the $22.3 billion consensus pretty badly.

The segment breakdown tells the story. Ag Services & Oilseeds took the biggest hit, down 16.9% year-over-year to $14 billion. Crush margins got absolutely wrecked - that subsegment's operating profit tanked 69%. They're blaming weaker margins in North and South America, plus some rough mark-to-market swings. Carbohydrate Solutions was flat-ish, down 6%, while Nutrition barely moved at 0.7% growth.

What caught my eye though - management's still optimistic for 2026, guiding $3.60-$4.25 adjusted EPS. They're banking on crush margins stabilizing and better trade flows. Also bumped the dividend to 52 cents per share, so they're not panicking. Stock's up 13.2% over three months, which is interesting given how rough these numbers look. Feels like the market's pricing in that recovery narrative.