Andersons Inc

Latest Results (15.04.2026):

Andersons, Inc. — Fourth quarter 2025: The Andersons reported a strong Q4 2025 with GAAP net income attributable to the company of $67 million ($1.97 diluted EPS) and adjusted net income of $70 million ($2.04 adjusted diluted EPS). Adjusted EBITDA was $136.5 million for Q4 and $337.3 million for full-year 2025, with Renewables and Agribusiness driving the quarter's performance.

Quarter and full‑year financials

Q4 2025 GAAP net income attributable to The Andersons: $67.4M (diluted EPS $1.97). Q4 adjusted net income: $70.0M (adjusted diluted EPS $2.04). Full year 2025 GAAP net income attributable: about $95.7–$96M (diluted EPS $2.79); adjusted full‑year net income: ~$111M (adjusted diluted EPS $3.23). Adjusted EBITDA: $136.5M for Q4 and $337.3M for FY2025.

Segment performance — Renewables

Renewables delivered a strong quarter: Q4 pretax income ~$54M on record production, improved ethanol board crush margins (~$0.15/gal vs. prior year), and $15M of 45Z tax credits in Q4 ($35M YTD). Renewables Q4 EBITDA ~ $69M and year‑to‑date adjusted EBITDA ~$203.1M.

Segment performance — Agribusiness

Agribusiness produced solid Q4 results on a record corn harvest: Q4 pretax income ~$46M (adjusted ~$45M) and adjusted Q4 EBITDA ~$80M. Western Skyland assets benefited from basis appreciation in corn and sorghum; eastern assets saw strong elevation margins from export and ethanol demand.

Cash, liquidity and leverage

Cash and cash equivalents fell to $98.3M at 12/31/2025 (from $561.8M a year earlier). The company reported Q4 cash used in operating activities of ~$6.2M but cash from operations before working capital changes of ~$109.9M (Q4) and $278.2M (FY). Long‑term debt to adjusted EBITDA was 1.8x, below the company target of <2.5x.

Capital spending and financing activity

Investing and financing drove cash uses: FY2025 purchases of PP&E and capitalized software were $233.1M; financing included a $425M purchase of a noncontrolling interest, $15.4M of common stock repurchased, and $26.8M of dividends. New/ongoing projects: Carlsbad mineral processing facility began operations, Port of Houston expansion progressing, and a recently announced $60M expansion at the Clymers, IN ethanol plant.

Taxes, margins and outlook signals

Effective tax rate was 19% in Q4 and 16% for FY2025 (impacted by 45Z credits and other tax items). Management cited favorable biofuels policy, elevated export demand, planned industry maintenance and summer driving as supportive of ethanol fundamentals in 2026, and flagged continued capital projects including lowering ethanol carbon intensity.