Financial Highlights:
Fourth quarter net income attributable to The Andersons of $67 million, or $1.97 per diluted share, and $70 million, or $2.04 per diluted share, a record on an adjusted basis
Full year net income attributable to The Andersons of $96 million, or $2.79 per diluted share, and $111 million, or $3.23 per diluted share, on an adjusted basis
Adjusted EBITDA of $137 million for the fourth quarter and $337 million for the year
Renewables fourth quarter pretax income was $54 million on record production, solid merchandising, and benefits from biofuels policy
Agribusiness fourth quarter pretax income was $46 million on solid operations through record corn harvest
"Our record fourth quarter results reflect solid execution in both Renewables and Agribusiness. Recent investments in both businesses, including full ownership of the ethanol plants, contributed to this quarter's financial performance. Our Skyland locations were able to accumulate large corn and sorghum positions at favorable values and saw the return of sorghum exports through our Houston port elevator. Eastern assets realized seasonally high elevation margins on higher volumes from increased corn demand, while over-supplied markets continued to limit merchandising opportunities," said President and CEO Bill Krueger. "In this very busy quarter for our grain elevators and ethanol plants, I'm pleased with our ability to serve our customers."
"We have a number of strategic capital investments at various stages of completion. In the quarter, we began operations at our mineral processing facility in Carlsbad, New Mexico. Several other projects, including our multi-year expansion at the Port of Houston and recently announced $60 million investment to increase capacity at our Clymers, Indiana ethanol production facility, are progressing," added Krueger. "We also expect to begin operating a bio-based diesel feedstock storage and blending facility at one of the Skyland locations later this quarter. We continue to add corn and wheat cleaning operations throughout our asset footprint in response to food and pet food customer demand. We intend to actively pursue additional growth projects, including lowering the carbon intensity of our ethanol plants as well as evaluating process improvements and further expansion and acquisition opportunities."
$ in millions, except per share amounts
Q4 2025
Q4 2024
Variance
YTD 2025
YTD 2024
Variance
Pretax Income
$ 87.6
$ 67.3
$ 20.3
$ 141.5
$ 200.8
$ (59.3)
Pretax Income Attributable to the
Company1
83.9
58.2
25.7
117.9
144.1
(26.2)
Adjusted Pretax Income (Loss)
Attributable to the Company1
87.4
60.6
26.8
136.6
146.7
(10.1)
Agribusiness1
45.0
56.0
(11.0)
64.2
113.3
(49.1)
Renewables1
54.3
17.1
37.2
125.5
80.0
45.5
Other1
(12.0)
(12.5)
0.5
(53.1)
(46.6)
(6.5)
Net Income Attributable to the Company
67.4
45.1
22.3
95.7
114.0
(18.3)
Adjusted Net Income Attributable to the
Company1
70.0
46.9
23.1
111.0
116.7
(5.7)
Diluted Earnings Per Share (EPS)
1.97
1.31
0.66
2.79
3.32
(0.53)
Adjusted EPS1
2.04
1.36
0.68
3.23
3.40
(0.17)
EBITDA1
132.9
113.7
19.2
322.0
360.3
(38.3)
Adjusted EBITDA1
$ 136.5
$ 116.5
$ 20.0
$ 337.3
$ 363.4
$ (26.1)
1 Non-GAAP financial measures; see appendix for explanations and reconciliations.
Cash, Liquidity, and Long-Term Debt Management
"Our businesses generated solid operating cash flows into the fourth quarter on improved earnings, allowing us to continue to fund growth projects," said Executive Vice President and CFO Brian Valentine. "Our long-term debt to adjusted EBITDA ratio of 1.8 times remains well below our stated target of less than 2.5 times. We are pleased with the strength of our balance sheet and the flexibility it provides as we execute against our strategy."
The company used $6 million and generated $269 million in cash from operating activities for the fourth quarters of 2025 and 2024, respectively, and generated $110 million and $100 million in cash from operations before working capital changes for the same periods, respectively.
For the full years of 2025 and 2024, the company generated $177 million and $332 million in cash from operating activities, respectively. Cash from operations before working capital changes for the same years was $278 million and $323 million, even with the challenging ag markets in 2025.
Fourth Quarter Segment Overview
Agribusiness Posts Solid Fourth Quarter on a Record Corn Harvest
Agribusiness recorded pretax income of $46 million and adjusted pretax income attributable to the company of $45 million for the quarter, compared to pretax income of $55 million and adjusted pretax income attributable of $56 million in the fourth quarter of the prior year.
The robust fall harvest helped drive solid earnings in the quarter, with different fundamentals in the east and west. The western footprint, including Skyland Grain, saw improved performance as it saw strong basis appreciation in corn and sorghum. Increased corn demand from ethanol and export programs provided good margins for the eastern assets but kept basis levels elevated through harvest. This may limit basis appreciation opportunities in the region going into 2026.
Our complementary asset footprint should provide some uplift in 2026, with more traditional basis appreciation opportunities in the west, while continued export demand would benefit elevation margins for the eastern assets. Sorghum exports remained strong into early 2026, which we expect will benefit our Skyland and Houston assets. As on-farm grain volumes come to market, merchandising opportunities may arise. Domestic premium ingredient demand is also expected to stay solid and should continue to support recent capital growth investments. Expected corn plantings are higher than historical average, which may drive demand for nitrogen products, but volumes will be dependent on farmer economics.
Agribusiness had fourth quarter adjusted EBITDA of $80 million, compared to fourth quarter 2024 adjusted EBITDA of $88 million. For the full year, adjusted EBITDA was $187 million in 2025, compared to $218 million in 2024.
Renewables Reports Strong Quarter on Record Production
The Renewables segment reported pretax income of $54 million in the fourth quarter compared to pretax income of $26 million and pretax income attributable to the company of $17 million in the fourth quarter of 2024.
The group reported strong fourth quarter results on efficient plant operations and record production, as well as improved ethanol board crush margins of $0.15/gallon over the prior year. Firmer corn basis and higher natural gas expense partially offset the favorable board crush. Fourth quarter results also included $15 million of 45Z tax credits, bringing the year-to-date total to $35 million. The renewable feedstocks business had another solid quarter, and co-product values improved over the fourth quarter of 2024.
Favorable biofuels policies, continuing elevated export demand, upcoming planned industry maintenance, and summer gasoline demand should all support ethanol fundamentals this year. Renewable feedstocks merchandising should also benefit this year with the anticipated robust Renewable Volume Obligations.
Renewables recorded EBITDA of $69 million in the fourth quarter of 2025, compared to 2024 fourth quarter EBITDA of $41 million. For the full year, adjusted EBITDA was $203 million in 2025, compared to $189 million 2024.
Income Taxes
The company recorded income tax expense at an effective rate of 19% for the fourth quarter and 16% for the year. The rates were impacted by non-taxable 45Z income, the elimination of certain reserves against uncertain tax positions related to R&D tax credits, and the tax treatment of noncontrolling interests.
Conference Call
The company will host a webcast on Wednesday, February 18, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (international toll) and use elite entry number: 9697756. It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/qPML06xl8dK and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company's website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., is a North American agriculture and renewable fuels company. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
The Andersons, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
(in thousands, except per share data)
2025
2024
2025
2024
Sales and merchandising revenues
$ 2,536,249
$ 3,123,138
$ 11,008,928
$ 11,257,548
Cost of sales and merchandising revenues
2,304,758
2,910,028
10,295,277
10,563,622
Gross profit
231,491
213,110
713,651
693,926
Operating, administrative and general expenses1
150,466
147,154
603,363
503,620
Interest expense, net
12,090
10,266
47,159
31,760
Other income, net
18,643
11,560
78,340
42,211
Income before income taxes
87,578
67,250
141,469
200,757
Income tax provision
16,486
13,146
22,168
30,057
Net income
71,092
54,104
119,301
170,700
Net income attributable to noncontrolling interests
3,658
9,014
23,588
56,688
Net income attributable to The Andersons, Inc.
$ 67,434
$ 45,090
$ 95,713
$ 114,012
Earnings per share attributable to
The Andersons, Inc. common shareholders:
Basic earnings:
$ 1.98
$ 1.32
$ 2.81
$ 3.35
Diluted earnings:
$ 1.97
$ 1.31
$ 2.79
$ 3.32
1 Operating, administrative and general expenses includes asset impairment charges of $18.1 million, for the year ended December 31, 2025, to
facilitate period-over-period comparability.
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$ 98,283
$ 561,771
Accounts receivable, net
652,472
764,550
Inventories
1,365,121
1,286,811
Commodity derivative assets, current
135,466
148,801
Other current assets
125,067
88,344
Total current assets
2,376,409
2,850,277
Other assets:
Goodwill
127,856
127,856
Other intangible assets, net
63,510
69,345
Right of use assets, net
108,792
104,630
Other assets, net
96,765
101,055
Total other assets
396,923
402,886
Property, plant and equipment, net
939,500
868,151
Total assets
$ 3,712,832
$ 4,121,314
Liabilities and equity
Current liabilities:
Short-term debt
$ 249,420
$ 166,614
Trade and other payables
918,691
1,047,436
Customer prepayments and deferred revenue
195,331
194,025
Commodity derivative liabilities, current
51,153
59,766
Current maturities of long-term debt
63,375
36,139
Accrued expenses and other current liabilities
208,427
227,192
Total current liabilities
1,686,397
1,731,172
Long-term lease liabilities
71,545
65,312
Long-term debt, less current maturities
560,016
608,151
Other long-term liabilities
104,639
116,843
Total liabilities
2,422,597
2,521,478
Total equity
1,290,235
1,599,836
Total liabilities and equity
$ 3,712,832
$ 4,121,314
The Andersons, Inc.
Consolidated Statements of Cash Flows
(unaudited)
Twelve months ended December 31,
(in thousands)
2025
2024
Operating Activities
