Adjusted EBITDA declined to $15.3 million from $20.1 million, reflecting lower margins and higher noncash expenses related to self-insurance.
Bombshells segment revenues declined due to divestitures and same-store sales decline but returned to profitability with an operating income of $87,000 versus a loss of $8.9 million last year.
Free cash flow remained stable at $13.3 million, with a sequential increase in free cash flow margin to 19% of revenues.
GAAP EPS was $0.46 compared to a loss of $0.56 per share last year; non-GAAP EPS was $0.77 versus $1.35 year-over-year.
Net income attributable to common shareholders was $4.1 million, a significant improvement from a loss of $5.2 million in the prior year quarter.
Nightclub revenues were nearly flat with a slight decline in same-store sales offset by acquisitions; operating income increased to $17.8 million with a margin of 28.5%.
Total revenues for Q3 2025 were $71.1 million, down from $76.2 million year-over-year, primarily due to the sale and divestiture of underperforming Bombshells locations.
ADM reported adjusted earnings per share of $0.93 for Q2 2025 with total segment operating profit of $830 million.
AS&O segment operating profit was $379 million, down 17% year-over-year due to margin pressures from legislative and biofuel policy uncertainty.
Carbohydrate Solutions segment operating profit was $337 million, down 6%, with declines in EMEA due to higher corn costs and crop quality issues.
Cash flow from operations before working capital was down year-over-year due to lower segment profits, but inventory management improved with a $2.2 billion decrease in inventories.
Crushing subsegment operating profit declined 75% to $33 million, impacted by lower crush margins in soybeans and canola, especially in North America.
Leverage ratio was 2.1x at quarter end, with capital expenditures lowered to a range of $1.3 billion to $1.5 billion for 2025, down from prior guidance.
Nutrition segment revenues increased 5% to $2 billion, with operating profit up 5% to $114 million, driven by Flavors growth and Animal Nutrition margin improvements.
Refined Products and Other subsegment operating profit increased 14% to $156 million, helped by positive timing impacts despite lower biodiesel and refining margins.
Returned $495 million to shareholders in dividends during the first half of 2025.
Trailing four-quarter adjusted ROIC was 6.9%, and cash flow from operations before working capital changes was $1.2 billion for the first half of 2025.
Dafinchi
