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5 months ago
The Andersons, Inc. Reports Fourth Quarter and Full Year ResultsFebruary 17, 2026 4:05 PM
PR Newswire (Canada)
MAUMEE, Ohio, Feb. 17, 2026 /CNW/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2025.
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 basisAdjusted EBITDA of $137 million for the fourth quarter and $337 million for the yearRenewables 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 2025Q4 2024VarianceYTD 2025YTD 2024VariancePretax Income$ 87.6$ 67.3$ 20.3$ 141.5$ 200.8$ (59.3)Pretax Income Attributable to the Company183.958.225.7117.9144.1(26.2)Adjusted Pretax Income (Loss) Attributable to the Company187.460.626.8136.6146.7(10.1)Agribusiness145.056.0(11.0)64.2113.3(49.1)Renewables154.317.137.2125.580.045.5Other1(12.0)(12.5)0.5(53.1)(46.6)(6.5)Net Income Attributable to the Company67.445.122.395.7114.0(18.3)Adjusted Net Income Attributable to the Company170.046.923.1111.0116.7(5.7)Diluted Earnings Per Share (EPS)1.971.310.662.793.32(0.53)Adjusted EPS12.041.360.683.233.40(0.17)EBITDA1132.9113.719.2322.0360.3(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 OverviewAgribusiness Posts Solid Fourth Quarter on a Record Corn HarvestAgribusiness 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 ProductionThe 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 TaxesThe 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 CallThe 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 MeasuresThis 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 DescriptionThe 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
2024Sales and merchandising revenues$ 2,536,249
$ 3,123,138
$ 11,008,928
$ 11,257,548Cost of sales and merchandising revenues2,304,758
2,910,028
10,295,277
10,563,622Gross profit231,491
213,110
713,651
693,926Operating, administrative and general expenses1150,466
147,154
603,363
503,620Interest expense, net12,090
10,266
47,159
31,760Other income, net18,643
11,560
78,340
42,211Income before income taxes87,578
67,250
141,469
200,757Income tax provision16,486
13,146
22,168
30,057Net income71,092
54,104
119,301
170,700Net income attributable to noncontrolling interests3,658
9,014
23,588
56,688Net 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
$ 3.35Diluted earnings:$ 1.97
$ 1.31
$ 2.79
$ 3.321 Operating, administrative and general expenses includes asset impairment charges of $18.1 million, for the year ended December 31, 2025, to facilitate period-over-period comparability. The Andersons, Inc.Condensed Consolidated Balance Sheets (unaudited)
(in thousands)December 31, 2025
December 31, 2024Assets
Current assets:
Cash and cash equivalents$ 98,283
$ 561,771Accounts receivable, net652,472
764,550Inventories1,365,121
1,286,811Commodity derivative assets – current135,466
148,801Other current assets125,067
88,344Total current assets2,376,409
2,850,277Other assets:
Goodwill127,856
127,856Other intangible assets, net63,510
69,345Right of use assets, net108,792
104,630Other assets, net96,765
101,055Total other assets396,923
402,886Property, plant and equipment, net939,500
868,151Total assets$ 3,712,832
$ 4,121,314
Liabilities and equity
Current liabilities:
Short-term debt$ 249,420
$ 166,614Trade and other payables918,691
1,047,436Customer prepayments and deferred revenue 195,331
194,025Commodity derivative liabilities – current51,153
59,766Current maturities of long-term debt63,375
36,139Accrued expenses and other current liabilities208,427
227,192Total current liabilities1,686,397
1,731,172Long-term lease liabilities71,545
65,312Long-term debt, less current maturities560,016
608,151Other long-term liabilities104,639
116,843Total liabilities2,422,597
2,521,478Total equity1,290,235
1,599,836Total 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
2024Operating Activities
Net income$ 119,301
$ 170,700Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization133,323
127,804Bad debt expense, net4,664
17,637Stock-based compensation expense16,984
13,629Deferred income taxes(6,009)
(2,911)Other19,910
(3,595)Changes in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts and notes receivable104,572
35,777Inventories(72,399)
87,906Commodity derivatives6,000
15,005Other current and non-current assets4,732
(28,050)Payables and other current and non-current liabilities(144,080)
(102,396)Net cash provided by operating activities176,998
331,506Investing Activities
Purchases of property, plant and equipment and capitalized software(233,123)
(149,187)Property insurance proceeds28,124
12,137Proceeds from sale of businesses11,263
—Acquisition of businesses, net of cash acquired—
(29,172)Other(1,579)
3,148Net cash used in investing activities(195,315)
(163,074)Financing Activities
Net (payments) receipts under short-term lines of credit79,897
(91,951)Proceeds from issuance of long-term debt14,700
67,000Payments of long-term debt(36,208)
(83,589)Distributions to noncontrolling interest owner(33,768)
(102,295)Dividends paid(26,848)
(26,273)Common stock repurchased(15,366)
(2,295)Purchase of noncontrolling interest in a consolidated subsidiary(425,000)
—Other(4,555)
(10,956)Net cash used in financing activities(447,148)
(250,359)Effect of exchange rates on cash and cash equivalents1,977
(156)Decrease in Cash and cash equivalents(463,488)
(82,083)Cash and cash equivalents at the beginning of the period561,771
643,854Cash and cash equivalents at the end of the period$ 98,283
$ 561,7711 Other adjustments to reconcile net income to cash provided by operating activities includes asset impairment charges of $18.1 million, for the year ended December 31, 2025, to facilitate period-over-period comparability. The Andersons, Inc.Adjusted Net Income Attributable to The Andersons, Inc.A non-GAAP financial measure(unaudited)
Three months ended December 31,
Twelve months ended December 31,(in thousands, except per share data)2025
2024
2025
2024Net income$ 71,092
$ 54,104
$ 119,301
$ 170,700Net income attributable to noncontrolling interests3,658
9,014
23,588
56,688Net income attributable to The Andersons, Inc.67,434
45,090
95,713
114,012Adjustments:
Insured inventory and property recoveries, net(216)
(4,446)
(12,861)
(9,650)Asset impairment—
—
11,376
—Transaction related compensation1,879
2,536
7,462
11,104Loss on investments—
1,535
7,178
1,535Acquisition costs—
2,738
5,927
2,738Loss (gain) on sales of assets and businesses, net310
—
(4,447)
—Severance expense1,480
—
2,677
—Pension settlement—
—
1,448
—Gain on deconsolidation of joint venture—
—
—
(3,117)Income tax impact of adjustments1(865)
(590)
(3,514)
42Total adjusting items, net of tax2,588
1,773
15,246
2,652Adjusted net income attributable to The Andersons, Inc.$ 70,022
$ 46,863
$ 110,959
$ 116,664
Diluted earnings per share attributable to The Andersons, Inc. common shareholders $ 1.97
$ 1.31
$ 2.79
$ 3.32
Impact on diluted earnings per share$ 0.07
$ 0.05
$ 0.44
$ 0.08Adjusted diluted earnings per share attributable to The Andersons, Inc. common shareholders$ 2.04
$ 1.36
$ 3.23
$ 3.401 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25% with the exception of the impairment of an equity method investment of $4.4 million in 2025 and certain transaction related compensation in 2024.
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. The Andersons, Inc.Segment Data (unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalThree months ended December 31, 2025
Sales and merchandising revenues$ 1,862,983
$ 673,266
$ —
$ 2,536,249Gross profit179,337
52,154
—
231,491Operating, administrative and general expenses127,320
10,844
12,302
150,466Other income (loss), net4,095
15,580
(1,032)
18,643Income (loss) before income taxes45,898
54,310
(12,630)
87,578Income attributable to noncontrolling interests3,658
—
—
3,658Income (loss) before income taxes attributable to The Andersons, Inc.1$ 42,240
$ 54,310
$ (12,630)
$ 83,920Adjustments to income before income taxes22,798
—
655
3,453Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 45,038
$ 54,310
$ (11,975)
$ 87,373
Three months ended December 31, 2024
Sales and merchandising revenues$ 2,409,549
$ 713,589
$ —
$ 3,123,138Gross profit176,085
37,025
—
213,110Operating, administrative and general expenses122,923
11,293
12,938
147,154Other income (loss), net12,039
958
(1,437)
11,560Income (loss) before income taxes55,270
26,020
(14,040)
67,250Income attributable to noncontrolling interests73
8,941
—
9,014Income (loss) before income taxes attributable to The Andersons, Inc.1$ 55,197
$ 17,079
$ (14,040)
$ 58,236Adjustments to income before income taxes2828
—
1,535
2,363Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 56,025
$ 17,079
$ (12,505)
$ 60,5991 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $0.1 million difference in insured inventory and property recoveries, net for the three months ended December 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusiness segment for the three months ended December 31, 2024. The Andersons, Inc.Segment Data (continued)(unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalTwelve months ended December 31, 2025
Sales and merchandising revenues$ 8,260,004
$ 2,748,924
$ —
$ 11,008,928Gross profit556,907
156,744
—
713,651Operating, administrative and general expenses501,712
46,032
55,619
603,363Other income (loss), net44,874
35,071
(1,605)
78,340Income (loss) before income taxes56,587
140,102
(55,220)
141,469(Loss) income attributable to noncontrolling interests(275)
23,863
—
23,588Income (loss) before income taxes attributable to The Andersons, Inc.1$ 56,862
$ 116,239
$ (55,220)
$ 117,881Adjustments to income before income taxes27,378
9,279
2,103
18,760Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 64,240
$ 125,518
$ (53,117)
$ 136,641
Twelve months ended December 31, 2024
Sales and merchandising revenues$ 8,456,381
$ 2,801,167
$ —
$ 11,257,548Gross profit522,992
170,934
—
693,926Operating, administrative and general expenses418,110
37,011
48,499
503,620Other income (loss), net35,185
8,665
(1,639)
42,211Income (loss) before income taxes109,156
139,760
(48,159)
200,757Income attributable to noncontrolling interests73
56,615
—
56,688Income (loss) before income taxes attributable to The Andersons, Inc.1$ 109,083
$ 83,145
$ (48,159)
$ 144,069Adjustments to income (loss) before income taxes24,192
(3,117)
1,535
2,610Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 113,275
$ 80,028
$ (46,624)
$ 146,6791 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.8 million difference in insured inventory and property recoveries, net, and a $2.3 million difference in asset impairments in the Agribusiness segment for the year ended December 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusiness segment for the year ended December 31, 2024. The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalThree months ended December 31, 2025
Net income (loss)$ 45,898
$ 54,310
$ (29,116)
$ 71,092Interest expense (income)10,214
2,580
(704)
12,090Tax provision—
—
16,486
16,486Depreciation and amortization20,651
12,031
583
33,265EBITDA76,763
68,921
(12,751)
132,933Adjusting items impacting EBITDA:
Transaction related compensation1,879
—
—
1,879Insured inventory and property recoveries, net(72)
—
—
(72)Loss on sales of assets and businesses, net310
—
—
310Severance expense825
—
655
1,480Total adjusting items2,942
—
655
3,597Adjusted EBITDA$ 79,705
$ 68,921
$ (12,096)
$ 136,530
Three months ended December 31, 2024
Net income (loss)$ 55,270
$ 26,020
$ (27,186)
$ 54,104Interest expense (income)9,931
670
(335)
10,266Tax provision—
—
13,146
13,146Depreciation and amortization21,144
14,079
955
36,178EBITDA86,345
40,769
(13,420)
113,694Adjusting items impacting EBITDA:
Loss on investments—
—
1,535
1,535Transaction related compensation2,536
—
—
2,536Insured inventory and property recoveries, net(4,446)
—
—
(4,446)Acquisition costs3,193
—
—
3,193Total adjusting items1,283
—
1,535
2,818 Adjusted EBITDA$ 87,628
$ 40,769
$ (11,885)
$ 116,512Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalTwelve months ended December 31, 2025
Net income (loss)$ 56,587
$ 140,102
$ (77,388)
$ 119,301Interest expense (income)43,482
5,681
(2,004)
47,159Tax provision—
—
22,168
22,168Depreciation and amortization82,676
48,036
2,611
133,323EBITDA182,745
193,819
(54,613)
321,951Adjusting items impacting EBITDA:
Loss on investments7,178
—
—
7,178Transaction related compensation7,462
—
—
7,462Insured inventory and property recoveries, net(18,620)
—
—
(18,620)Gain on sales of assets and businesses, net(4,447)
—
—
(4,447)Severance expense2,022
—
655
2,677Acquisition costs—
5,927
—
5,927Asset impairment10,346
3,352
—
13,698Pension settlement—
—
1,448
1,448Total adjusting items3,941
9,279
2,103
15,323Adjusted EBITDA$ 186,686
$ 203,098
$ (52,510)
$ 337,274
Twelve months ended December 31, 2024
Net income (loss)$ 109,156
$ 139,760
$ (78,216)
$ 170,700Interest expense (income)30,911
2,828
(1,979)
31,760Tax provision—
—
30,057
30,057Depreciation and amortization72,993
49,705
5,106
127,804EBITDA213,060
192,293
(45,032)
360,321Adjusting items impacting EBITDA:
Loss on investments—
—
1,535
1,535Transaction related compensation11,104
—
—
11,104Insured inventory and property recoveries, net(9,650)
—
—
(9,650)Acquisition costs3,193
—
—
3,193Gain on deconsolidation of joint venture—
(3,117)
—
(3,117)Total adjusting items4,647
(3,117)
1,535
3,065Adjusted EBITDA$ 217,707
$ 189,176
$ (43,497)
$ 363,386Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. Andersons, Inc.Cash from Operations Before Working Capital ChangesA non-GAAP financial measure(unaudited)
Three months ended December 31,
Twelve months ended December 31,(in thousands)2025
2024
2025
2024Cash provided by (used in) operating activities$ (6,185)
$ 268,811
$ 176,998
$ 331,506Changes in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable61,722
32,279
104,572
35,777Inventories(464,183)
(191,041)
(72,399)
87,906Commodity derivatives3,459
(34,322)
6,000
15,005Other current and non-current assets21,646
31,326
4,732
(28,050)Payables and other current and non-current liabilities261,319
330,673
(144,080)
(102,396)Total changes in operating assets and liabilities(116,037)
168,915
(101,175)
8,242Cash from operations before working capital changes$ 109,852
$ 99,896
$ 278,173
$ 323,264Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other current and non-current assets, and payables and other current and non-current liabilities; and adjusted by specific items from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-andersons-inc-reports-fourth-quarter-and-full-year-results-302689729.htmlSOURCE The Andersons, Inc.
Original: The Andersons, Inc. Reports Fourth Quarter and Full Year Results
US Market News
5 months ago
The Andersons, Inc. Reports Fourth Quarter and Full Year ResultsFebruary 17, 2026 4:05 PM
PR Newswire (US)
MAUMEE, Ohio, Feb. 17, 2026 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2025.
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 basisAdjusted EBITDA of $137 million for the fourth quarter and $337 million for the yearRenewables 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 2025Q4 2024VarianceYTD 2025YTD 2024VariancePretax Income$ 87.6$ 67.3$ 20.3$ 141.5$ 200.8$ (59.3)Pretax Income Attributable to the Company183.958.225.7117.9144.1(26.2)Adjusted Pretax Income (Loss) Attributable to the Company187.460.626.8136.6146.7(10.1)Agribusiness145.056.0(11.0)64.2113.3(49.1)Renewables154.317.137.2125.580.045.5Other1(12.0)(12.5)0.5(53.1)(46.6)(6.5)Net Income Attributable to the Company67.445.122.395.7114.0(18.3)Adjusted Net Income Attributable to the Company170.046.923.1111.0116.7(5.7)Diluted Earnings Per Share (EPS)1.971.310.662.793.32(0.53)Adjusted EPS12.041.360.683.233.40(0.17)EBITDA1132.9113.719.2322.0360.3(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 OverviewAgribusiness Posts Solid Fourth Quarter on a Record Corn HarvestAgribusiness 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 ProductionThe 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 TaxesThe 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 CallThe 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 MeasuresThis 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 DescriptionThe 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
2024Sales and merchandising revenues$ 2,536,249
$ 3,123,138
$ 11,008,928
$ 11,257,548Cost of sales and merchandising revenues2,304,758
2,910,028
10,295,277
10,563,622Gross profit231,491
213,110
713,651
693,926Operating, administrative and general expenses1150,466
147,154
603,363
503,620Interest expense, net12,090
10,266
47,159
31,760Other income, net18,643
11,560
78,340
42,211Income before income taxes87,578
67,250
141,469
200,757Income tax provision16,486
13,146
22,168
30,057Net income71,092
54,104
119,301
170,700Net income attributable to noncontrolling interests3,658
9,014
23,588
56,688Net 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
$ 3.35Diluted earnings:$ 1.97
$ 1.31
$ 2.79
$ 3.321 Operating, administrative and general expenses includes asset impairment charges of $18.1 million, for the year ended December 31, 2025, to facilitate period-over-period comparability. The Andersons, Inc.Condensed Consolidated Balance Sheets (unaudited)
(in thousands)December 31, 2025
December 31, 2024Assets
Current assets:
Cash and cash equivalents$ 98,283
$ 561,771Accounts receivable, net652,472
764,550Inventories1,365,121
1,286,811Commodity derivative assets – current135,466
148,801Other current assets125,067
88,344Total current assets2,376,409
2,850,277Other assets:
Goodwill127,856
127,856Other intangible assets, net63,510
69,345Right of use assets, net108,792
104,630Other assets, net96,765
101,055Total other assets396,923
402,886Property, plant and equipment, net939,500
868,151Total assets$ 3,712,832
$ 4,121,314
Liabilities and equity
Current liabilities:
Short-term debt$ 249,420
$ 166,614Trade and other payables918,691
1,047,436Customer prepayments and deferred revenue 195,331
194,025Commodity derivative liabilities – current51,153
59,766Current maturities of long-term debt63,375
36,139Accrued expenses and other current liabilities208,427
227,192Total current liabilities1,686,397
1,731,172Long-term lease liabilities71,545
65,312Long-term debt, less current maturities560,016
608,151Other long-term liabilities104,639
116,843Total liabilities2,422,597
2,521,478Total equity1,290,235
1,599,836Total 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
2024Operating Activities
Net income$ 119,301
$ 170,700Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization133,323
127,804Bad debt expense, net4,664
17,637Stock-based compensation expense16,984
13,629Deferred income taxes(6,009)
(2,911)Other19,910
(3,595)Changes in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts and notes receivable104,572
35,777Inventories(72,399)
87,906Commodity derivatives6,000
15,005Other current and non-current assets4,732
(28,050)Payables and other current and non-current liabilities(144,080)
(102,396)Net cash provided by operating activities176,998
331,506Investing Activities
Purchases of property, plant and equipment and capitalized software(233,123)
(149,187)Property insurance proceeds28,124
12,137Proceeds from sale of businesses11,263
—Acquisition of businesses, net of cash acquired—
(29,172)Other(1,579)
3,148Net cash used in investing activities(195,315)
(163,074)Financing Activities
Net (payments) receipts under short-term lines of credit79,897
(91,951)Proceeds from issuance of long-term debt14,700
67,000Payments of long-term debt(36,208)
(83,589)Distributions to noncontrolling interest owner(33,768)
(102,295)Dividends paid(26,848)
(26,273)Common stock repurchased(15,366)
(2,295)Purchase of noncontrolling interest in a consolidated subsidiary(425,000)
—Other(4,555)
(10,956)Net cash used in financing activities(447,148)
(250,359)Effect of exchange rates on cash and cash equivalents1,977
(156)Decrease in Cash and cash equivalents(463,488)
(82,083)Cash and cash equivalents at the beginning of the period561,771
643,854Cash and cash equivalents at the end of the period$ 98,283
$ 561,7711 Other adjustments to reconcile net income to cash provided by operating activities includes asset impairment charges of $18.1 million, for the year ended December 31, 2025, to facilitate period-over-period comparability. The Andersons, Inc.Adjusted Net Income Attributable to The Andersons, Inc.A non-GAAP financial measure(unaudited)
Three months ended December 31,
Twelve months ended December 31,(in thousands, except per share data)2025
2024
2025
2024Net income$ 71,092
$ 54,104
$ 119,301
$ 170,700Net income attributable to noncontrolling interests3,658
9,014
23,588
56,688Net income attributable to The Andersons, Inc.67,434
45,090
95,713
114,012Adjustments:
Insured inventory and property recoveries, net(216)
(4,446)
(12,861)
(9,650)Asset impairment—
—
11,376
—Transaction related compensation1,879
2,536
7,462
11,104Loss on investments—
1,535
7,178
1,535Acquisition costs—
2,738
5,927
2,738Loss (gain) on sales of assets and businesses, net310
—
(4,447)
—Severance expense1,480
—
2,677
—Pension settlement—
—
1,448
—Gain on deconsolidation of joint venture—
—
—
(3,117)Income tax impact of adjustments1(865)
(590)
(3,514)
42Total adjusting items, net of tax2,588
1,773
15,246
2,652Adjusted net income attributable to The Andersons, Inc.$ 70,022
$ 46,863
$ 110,959
$ 116,664
Diluted earnings per share attributable to The Andersons, Inc. common shareholders $ 1.97
$ 1.31
$ 2.79
$ 3.32
Impact on diluted earnings per share$ 0.07
$ 0.05
$ 0.44
$ 0.08Adjusted diluted earnings per share attributable to The Andersons, Inc. common shareholders$ 2.04
$ 1.36
$ 3.23
$ 3.401 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25% with the exception of the impairment of an equity method investment of $4.4 million in 2025 and certain transaction related compensation in 2024.
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. The Andersons, Inc.Segment Data (unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalThree months ended December 31, 2025
Sales and merchandising revenues$ 1,862,983
$ 673,266
$ —
$ 2,536,249Gross profit179,337
52,154
—
231,491Operating, administrative and general expenses127,320
10,844
12,302
150,466Other income (loss), net4,095
15,580
(1,032)
18,643Income (loss) before income taxes45,898
54,310
(12,630)
87,578Income attributable to noncontrolling interests3,658
—
—
3,658Income (loss) before income taxes attributable to The Andersons, Inc.1$ 42,240
$ 54,310
$ (12,630)
$ 83,920Adjustments to income before income taxes22,798
—
655
3,453Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 45,038
$ 54,310
$ (11,975)
$ 87,373
Three months ended December 31, 2024
Sales and merchandising revenues$ 2,409,549
$ 713,589
$ —
$ 3,123,138Gross profit176,085
37,025
—
213,110Operating, administrative and general expenses122,923
11,293
12,938
147,154Other income (loss), net12,039
958
(1,437)
11,560Income (loss) before income taxes55,270
26,020
(14,040)
67,250Income attributable to noncontrolling interests73
8,941
—
9,014Income (loss) before income taxes attributable to The Andersons, Inc.1$ 55,197
$ 17,079
$ (14,040)
$ 58,236Adjustments to income before income taxes2828
—
1,535
2,363Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 56,025
$ 17,079
$ (12,505)
$ 60,5991 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $0.1 million difference in insured inventory and property recoveries, net for the three months ended December 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusiness segment for the three months ended December 31, 2024. The Andersons, Inc.Segment Data (continued)(unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalTwelve months ended December 31, 2025
Sales and merchandising revenues$ 8,260,004
$ 2,748,924
$ —
$ 11,008,928Gross profit556,907
156,744
—
713,651Operating, administrative and general expenses501,712
46,032
55,619
603,363Other income (loss), net44,874
35,071
(1,605)
78,340Income (loss) before income taxes56,587
140,102
(55,220)
141,469(Loss) income attributable to noncontrolling interests(275)
23,863
—
23,588Income (loss) before income taxes attributable to The Andersons, Inc.1$ 56,862
$ 116,239
$ (55,220)
$ 117,881Adjustments to income before income taxes27,378
9,279
2,103
18,760Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 64,240
$ 125,518
$ (53,117)
$ 136,641
Twelve months ended December 31, 2024
Sales and merchandising revenues$ 8,456,381
$ 2,801,167
$ —
$ 11,257,548Gross profit522,992
170,934
—
693,926Operating, administrative and general expenses418,110
37,011
48,499
503,620Other income (loss), net35,185
8,665
(1,639)
42,211Income (loss) before income taxes109,156
139,760
(48,159)
200,757Income attributable to noncontrolling interests73
56,615
—
56,688Income (loss) before income taxes attributable to The Andersons, Inc.1$ 109,083
$ 83,145
$ (48,159)
$ 144,069Adjustments to income (loss) before income taxes24,192
(3,117)
1,535
2,610Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1$ 113,275
$ 80,028
$ (46,624)
$ 146,6791 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.8 million difference in insured inventory and property recoveries, net, and a $2.3 million difference in asset impairments in the Agribusiness segment for the year ended December 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusiness segment for the year ended December 31, 2024. The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalThree months ended December 31, 2025
Net income (loss)$ 45,898
$ 54,310
$ (29,116)
$ 71,092Interest expense (income)10,214
2,580
(704)
12,090Tax provision—
—
16,486
16,486Depreciation and amortization20,651
12,031
583
33,265EBITDA76,763
68,921
(12,751)
132,933Adjusting items impacting EBITDA:
Transaction related compensation1,879
—
—
1,879Insured inventory and property recoveries, net(72)
—
—
(72)Loss on sales of assets and businesses, net310
—
—
310Severance expense825
—
655
1,480Total adjusting items2,942
—
655
3,597Adjusted EBITDA$ 79,705
$ 68,921
$ (12,096)
$ 136,530
Three months ended December 31, 2024
Net income (loss)$ 55,270
$ 26,020
$ (27,186)
$ 54,104Interest expense (income)9,931
670
(335)
10,266Tax provision—
—
13,146
13,146Depreciation and amortization21,144
14,079
955
36,178EBITDA86,345
40,769
(13,420)
113,694Adjusting items impacting EBITDA:
Loss on investments—
—
1,535
1,535Transaction related compensation2,536
—
—
2,536Insured inventory and property recoveries, net(4,446)
—
—
(4,446)Acquisition costs3,193
—
—
3,193Total adjusting items1,283
—
1,535
2,818 Adjusted EBITDA$ 87,628
$ 40,769
$ (11,885)
$ 116,512Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited)
(in thousands)Agribusiness
Renewables
Other
TotalTwelve months ended December 31, 2025
Net income (loss)$ 56,587
$ 140,102
$ (77,388)
$ 119,301Interest expense (income)43,482
5,681
(2,004)
47,159Tax provision—
—
22,168
22,168Depreciation and amortization82,676
48,036
2,611
133,323EBITDA182,745
193,819
(54,613)
321,951Adjusting items impacting EBITDA:
Loss on investments7,178
—
—
7,178Transaction related compensation7,462
—
—
7,462Insured inventory and property recoveries, net(18,620)
—
—
(18,620)Gain on sales of assets and businesses, net(4,447)
—
—
(4,447)Severance expense2,022
—
655
2,677Acquisition costs—
5,927
—
5,927Asset impairment10,346
3,352
—
13,698Pension settlement—
—
1,448
1,448Total adjusting items3,941
9,279
2,103
15,323Adjusted EBITDA$ 186,686
$ 203,098
$ (52,510)
$ 337,274
Twelve months ended December 31, 2024
Net income (loss)$ 109,156
$ 139,760
$ (78,216)
$ 170,700Interest expense (income)30,911
2,828
(1,979)
31,760Tax provision—
—
30,057
30,057Depreciation and amortization72,993
49,705
5,106
127,804EBITDA213,060
192,293
(45,032)
360,321Adjusting items impacting EBITDA:
Loss on investments—
—
1,535
1,535Transaction related compensation11,104
—
—
11,104Insured inventory and property recoveries, net(9,650)
—
—
(9,650)Acquisition costs3,193
—
—
3,193Gain on deconsolidation of joint venture—
(3,117)
—
(3,117)Total adjusting items4,647
(3,117)
1,535
3,065Adjusted EBITDA$ 217,707
$ 189,176
$ (43,497)
$ 363,386Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. Andersons, Inc.Cash from Operations Before Working Capital ChangesA non-GAAP financial measure(unaudited)
Three months ended December 31,
Twelve months ended December 31,(in thousands)2025
2024
2025
2024Cash provided by (used in) operating activities$ (6,185)
$ 268,811
$ 176,998
$ 331,506Changes in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable61,722
32,279
104,572
35,777Inventories(464,183)
(191,041)
(72,399)
87,906Commodity derivatives3,459
(34,322)
6,000
15,005Other current and non-current assets21,646
31,326
4,732
(28,050)Payables and other current and non-current liabilities261,319
330,673
(144,080)
(102,396)Total changes in operating assets and liabilities(116,037)
168,915
(101,175)
8,242Cash from operations before working capital changes$ 109,852
$ 99,896
$ 278,173
$ 323,264Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other current and non-current assets, and payables and other current and non-current liabilities; and adjusted by specific items from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-andersons-inc-reports-fourth-quarter-and-full-year-results-302689729.htmlSOURCE The Andersons, Inc.
Original: The Andersons, Inc. Reports Fourth Quarter and Full Year Results
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