The Andersons, Inc. Reports First Quarter ResultsMay 5, 2026
MAUMEE, Ohio, May 5, 2026 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2026.The Andersons, Inc. logo. (PRNewsFoto/The Andersons, Inc.)
Financial Highlights:
Reported record first quarter net income attributable to The Andersons of $33 million or $0.97 per diluted share and adjusted net income attributable of $38 million, or $1.12 per diluted share Adjusted EBITDA of $91 million Renewables first quarter pretax income was $40 million on record production, strong merchandising, and biofuels policy benefits Agribusiness recorded pretax income of $7 million and adjusted pretax income attributable to The Andersons of $18 million on resilient merchandising and improving conditions
"Our record first quarter includes outstanding results in Renewables and year-over-year improvement in Agribusiness. Ethanol margins were solid during the quarter on increased demand and higher gasoline prices. Our renewable feedstock business had a strong quarter as values and volumes improved following the finalization of the Required Volume Obligations (RVO). Our plants set another quarterly record for production, and we were able to qualify for a higher tier of 45Z tax credits. Fundamentals for this business remain positive," said President and CEO Bill Krueger. "In Agribusiness, with the return of some market volatility, our merchandising businesses had a solid quarter. Results from our premium ingredients business more than doubled the prior year, as we are focused on serving our key CPG customers. Our fertilizer business also improved, as we strategically positioned product in anticipation of spring planting."
"We continue to evaluate capital deployment to drive growth and expansion of our existing assets, make our operations more efficient, while analyzing potential acquisitions. We are on track to complete several capital investments during 2026, including the addition of soybean meal export capacity at Port Houston, the replacement and modernization of grain storage at our Toledo port assets, and several corn and wheat cleaning projects within our current asset footprint. Our Clymers, Indiana ethanol debottlenecking project, announced in December of last year, is in the early stages and progressing as planned. We expect the project to increase the plant's annual production capacity to approximately 170 million gallons upon completion. We are evaluating additional ethanol, premium ingredients, and other projects to drive further profitable growth as we remain focused on achieving the $7.00 run-rate EPS target exiting 2028, as announced in December at our Investor Day," continued Krueger.
Story Continues
$ in millions, except per share amounts YTD 2026 YTD 2025 Variance Pretax Income $ 33.9 $ 3.2 $ 30.7 Pretax Income (loss) Attributable to the Company1 37.7 (1.8) 39.5 Adjusted Pretax Income Attributable to the Company1 44.4 3.2 41.2 Agribusiness1 17.9 (0.1) 18.0 Renewables 39.6 15.3 24.3 Other1 (13.1) (12.0) (1.1) Net Income Attributable to the Company 33.2 0.3 32.9 Adjusted Net Income Attributable to the Company1 38.2 4.1 34.1 Diluted Earnings Per Share ("EPS") 0.97 0.01 0.96 Adjusted EPS1 1.12 0.12 1.00 EBITDA1 84.8 50.6 34.2 Adjusted EBITDA1 $ 91.5 $ 57.3 $ 34.2 1 Non-GAAP financial measures; see appendix for explanations and reconciliations.
Cash, Liquidity, and Long-Term Debt Management
"Our businesses generated improved cash flows on strong earnings this quarter. We expect to continue to fund many of our growth projects internally and our debt remains at a modest level," said Executive Vice President and CFO Brian Valentine. "We remain below our long-term debt to EBITDA target of less than 2.5 times and continue to be pleased with the strength of our balance sheet."
Cash used in operating activities was $394 million and $350 million in the first quarter of 2026 and 2025, respectively. Cash from operations before working capital changes in the same periods was $68 million and $57 million, respectively. Cash spent on capital projects in the quarter totaled $52 million, as we continue to invest in our facilities and fund growth.
First Quarter Segment Overview
Agribusiness Posts Improved First Quarter on Earnings Resilience
Agribusiness recorded pretax income of $7 million and adjusted pretax income attributable to the company of $18 million for the quarter, compared to a pretax loss of $10 million and break even adjusted pretax income in the first quarter of 2025.
Our diversified portfolio showed the resilience of our earnings as we saw more volatility return to the market this quarter. As prices rallied during the quarter, more old crop bushels came to market, which provided opportunities for our merchandising businesses. Our grain asset footprint saw less basis appreciation than expected as the price rally put pressure on basis values. Fertilizer results improved on higher margins.
Market conditions remain dynamic. There is the potential of continued volatility that will provide opportunities through 2026. We will remain nimble as conditions change. If the volatility continues, more opportunities should shift to our merchandising businesses. We expect our asset footprint, especially in the west, to capture some of the delayed basis appreciation over the next few quarters. Anticipated corn plantings are above the five-year average with expanded margin opportunities in this higher priced environment. Our fertilizer business is well positioned heading into Q2 and the application season for planting.
Agribusiness had adjusted first quarter EBITDA of $49 million, compared to $31 million in 2025.
Renewables Reports Record Quarter on Efficient Operations and Strong Demand
The Renewables segment reported pretax income of $40 million in the first quarter. For the same period in 2025, the segment reported pretax income of $25 million and pretax income attributable to the company of $15 million.
The segment had a strong first quarter performance on efficient plant operations and record production. Ethanol demand drove board crush higher year over year but was offset by firmer corn basis and higher natural gas expense. First quarter results include $26 million of 45Z producer tax credits. As expected, each of our plants qualified for the next tier of credits following rule changes effective in 2026. Our merchandising businesses had improved performance, largely driven by volatility surrounding the RVO announcement, resulting in higher distillers corn oil and RIN values.
Ethanol fundamentals continue to be supportive as we anticipate elevated demand, including increasing global blend rates, high gasoline prices, and planned industry maintenance. Renewable feedstocks should also continue to benefit from the robust RVO.
Renewables had first quarter EBITDA of $54 million in 2026, compared to $37 million in 2025.
Income Taxes
The company recorded income tax expense of $4.6 million for the quarter, resulting in an effective tax rate of 14% for the period. The rate was impacted by non-taxable 45Z income. We anticipate a full-year adjusted effective rate of approximately 14% - 18%.
Conference Call
The company will host a webcast on Wednesday, May 6, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the remainder of 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 7394049). 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/r9QEJNbJ2Mk 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
March 31, (in thousands, except per share data) 2026 2025 Sales and merchandising revenues $ 2,627,266 $ 2,659,098 Cost of sales and merchandising revenues 2,466,682 2,506,226 Gross profit 160,584 152,872 Operating, administrative and general expenses 144,664 145,754 Interest expense, net 16,838 13,096 Other income, net 34,810 9,191 Income before income taxes 33,892 3,213 Income tax provision (benefit) 4,560 (2,118) Net income 29,332 5,331 Net (loss) income attributable to noncontrolling interests (3,856) 5,047 Net income attributable to The Andersons, Inc. $ 33,188 $ 284 Earnings per share attributable to The Andersons, Inc. common shareholders: Basic earnings: $ 0.98 $ 0.01 Diluted earnings: $ 0.97 $ 0.01
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited) (in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Assets Current assets: Cash and cash equivalents $ 72,398 $ 98,283 $ 219,219 Accounts receivable, net 772,010 652,472 812,482 Inventories 1,398,686 1,365,121 1,249,047 Commodity derivative assets – current 161,858 135,466 155,028 Other current assets 152,153 125,067 92,968 Total current assets 2,557,105 2,376,409 2,528,744 Property, plant and equipment, net 961,401 939,500 860,246 Other assets, net 401,670 396,923 408,692 Total assets $ 3,920,176 $ 3,712,832 $ 3,797,682 Liabilities and equity Current liabilities: Short-term debt $ 716,519 $ 249,420 $ 222,691 Trade and other payables 633,027 918,691 661,202 Customer prepayments and deferred revenue 222,811 195,331 223,702 Commodity derivative liabilities – current 67,682 51,153 69,648 Current maturities of long-term debt 23,466 63,375 62,675 Accrued expenses and other current liabilities 207,125 208,427 194,390 Total current liabilities 1,870,630 1,686,397 1,434,308 Long-term debt, less current maturities 569,063 560,016 588,087 Other long-term liabilities 170,638 176,184 180,853 Total liabilities 2,610,331 2,422,597 2,203,248 Total equity 1,309,845 1,290,235 1,594,434 Total liabilities and equity $ 3,920,176 $ 3,712,832 $ 3,797,682
The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited) Three months ended March 31, (in thousands) 2026 2025 Operating Activities Net income $ 29,332 $ 5,331 Adjustments to reconcile net income to cash used in operating activities: Depreciation and amortization 34,112 34,340 Other 4,701 17,303 Changes in operating assets and liabilities: Accounts receivable (120,542) (53,268) Inventories (34,986) 38,531 Commodity derivatives (13,235) 1,076 Other current and non-current assets (22,535) (8,558) Payables and other current and non-current liabilities (270,522) (384,775) Net cash used in operating activities (393,675) (350,020) Investing Activities Purchases of property, plant and equipment and capitalized software (51,712) (46,548) Other 2,248 2,717 Net cash used in investing activities (49,464) (43,831) Financing Activities Net proceeds under short-term lines of credit 467,584 56,044 Proceeds from issuance of long-term debt 86,250 14,700 Payments of long-term debt (116,774) (8,416) Dividends paid (6,846) (6,693) Value of shares withheld for taxes (6,996) (3,837) Payments of debt issuance costs (5,435) — Other — (1,353) Net cash provided by financing activities 417,783 50,445 Effect of exchange rates on cash and cash equivalents (529) 854 Decrease in cash and cash equivalents (25,885) (342,552) Cash and cash equivalents at beginning of period 98,283 561,771 Cash and cash equivalents at end of period $ 72,398 $ 219,219
The Andersons, Inc.
Adjusted Net Income Attributable to The Andersons, Inc.
A non-GAAP financial measure
(unaudited) Three months ended
March 31, (in thousands, except per share data) 2026 2025 Net income $ 29,332 $ 5,331 Net (loss) income attributable to noncontrolling interests (3,856) 5,047 Net income attributable to The Andersons, Inc. 33,188 284 Adjustments: Legal settlement and related expenses 5,948 — Transaction related compensation 1,792 2,103 Insured inventory and property (recoveries) damages, net (1,108) 2,926 Income tax impact of adjustments1 (1,658) (1,257) Total adjusting items, net of tax 4,974 3,772 Adjusted net income attributable to The Andersons, Inc. $ 38,162 $ 4,056 Diluted earnings per share attributable to The Andersons, Inc. common shareholders $ 0.97 $ 0.01 Impact on diluted earnings per share $ 0.15 $ 0.11 Adjusted diluted earnings per share $ 1.12 $ 0.12
1 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25%. 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 per share 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 Total Three months ended March 31, 2026 Sales and merchandising revenues $ 1,919,967 $ 707,299 $ — $ 2,627,266 Cost of sales and merchandising revenues 1,786,061 680,621 — 2,466,682 Gross profit 133,906 26,678 — 160,584 Operating, administrative and general expenses 121,420 10,300 12,944 144,664 Interest expense, net 13,688 3,059 91 16,838 Other income (loss), net 8,607 26,272 (69) 34,810 Income (loss) before income taxes 7,405 39,591 (13,104) 33,892 Loss attributable to noncontrolling interests (3,856) — — (3,856) Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 11,261 $ 39,591 $ (13,104) $ 37,748 Adjustments to income before income taxes2 6,632 — — 6,632 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 17,893 $ 39,591 $ (13,104) $ 44,380 Three months ended March 31, 2025 Sales and merchandising revenues $ 1,993,287 $ 665,811 $ — $ 2,659,098 Cost of sales and merchandising revenues 1,874,689 631,537 — 2,506,226 Gross profit 118,598 34,274 — 152,872 Operating, administrative and general expenses 124,489 9,783 11,482 145,754 Interest expense (income), net 12,826 698 (428) 13,096 Other income (loss), net 9,041 1,088 (938) 9,191 (Loss) income before income taxes (9,676) 24,881 (11,992) 3,213 (Loss) income attributable to noncontrolling interests (4,522) 9,569 — 5,047 (Loss) income before income taxes attributable to The Andersons, Inc.1 $ (5,154) $ 15,312 $ (11,992) $ (1,834) Adjustments to income before income taxes2 5,029 — — 5,029 Adjusted (loss) income before income taxes attributable to The Andersons, Inc.1 $ (125) $ 15,312 $ (11,992) $ 3,195 1 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 $1.6 million difference in insured inventory and property damages, net in the Agribusiness segment for the three months ended March 31, 2025.
The Andersons, Inc.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended March 31, 2026 Net income (loss) $ 7,405 $ 39,591 $ (17,664) $ 29,332 Interest expense 13,688 3,059 91 16,838 Tax provision — — 4,560 4,560 Depreciation and amortization 21,490 11,767 855 34,112 EBITDA 42,583 54,417 (12,158) 84,842 Adjusting items impacting EBITDA: Legal settlement and related expenses 5,948 — — 5,948 Transaction related compensation 1,792 — — 1,792 Insured inventory and property recoveries, net (1,108) — — (1,108) Total adjusting items 6,632 — — 6,632 Adjusted EBITDA $ 49,215 $ 54,417 $ (12,158) $ 91,474 Three months ended March 31, 2025 Net (loss) income $ (9,676) $ 24,881 $ (9,874) $ 5,331 Interest expense (income) 12,826 698 (428) 13,096 Tax benefit — — (2,118) (2,118) Depreciation and amortization 21,685 11,891 764 34,340 EBITDA 24,835 37,470 (11,656) 50,649 Adjusting items impacting EBITDA: Transaction related compensation 2,103 — — 2,103 Insured inventory and property damages, net 4,502 — — 4,502 Total adjusting items 6,605 — — 6,605 Adjusted EBITDA $ 31,440 $ 37,470 $ (11,656) $ 57,254
Adjusted 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.
Trailing Twelve Months of EBITDA and Adjusted EBITDA
A non-GAAP financial measure
(unaudited) Three Months Ended, Twelve months
ended March 31,
2026 (in thousands) June 30,
2025 September 30,
2025 December 31,
2025 March 31,
2026 Net income $ 16,807 $ 26,071 $ 71,092 $ 29,332 $ 143,302 Interest expense 11,495 10,478 12,090 16,838 50,901 Tax provision (benefit) 8,028 (228) 16,486 4,560 28,846 Depreciation and amortization 33,071 32,647 33,265 34,112 133,095 EBITDA 69,401 68,968 132,933 84,842 356,144 Adjusting items impacting EBITDA: Legal settlement and related expenses — — — 5,948 5,948 Transaction related compensation 1,768 1,712 1,879 1,792 7,151 Insured inventory and property recoveries, net (11,162) (11,887) (72) (1,108) (24,229) Loss on investments 7,178 — — — 7,178 Severance expense 1,197 — 1,480 — 2,677 (Gain) loss on sale of businesses, net (3,190) (1,567) 310 — (4,447) Acquisition costs — 5,927 — — 5,927 Asset impairment — 13,698 — — 13,698 Pension settlement — 1,448 — — 1,448 Total adjusting items (4,209) 9,331 3,597 6,632 15,351 Adjusted EBITDA $ 65,192 $ 78,299 $ 136,530 $ 91,474 $ 371,495 Three Months Ended, Twelve months
ended March 31,
2025 June 30,
2024 September 30,
2024 December 31,
2024 March 31,
2025 Net income $ 52,470 $ 51,461 $ 54,104 $ 5,331 $ 163,366 Interest expense 6,611 8,361 10,266 13,096 38,334 Tax provision (benefit) 4,876 10,731 13,146 (2,118) 26,635 Depreciation and amortization 30,269 30,408 36,178 34,340 131,195 EBITDA 94,226 100,961 113,694 50,649 359,530 Adjusting items impacting EBITDA: Transaction related compensation 4,049 1,668 2,536 2,103 10,356 Acquisition costs — — 3,193 — 3,193 Insured inventory and property (recoveries) damages, net — (5,204) (4,446) 4,502 (5,148) Loss on investments — — 1,535 — 1,535 Total adjusting items 4,049 (3,536) 2,818 6,605 9,936 Adjusted EBITDA $ 98,275 $ 97,425 $ 116,512 $ 57,254 $ 369,466
The Andersons, Inc.
Cash from Operations Before Working Capital Changes
A non-GAAP financial measure
(unaudited) Three months ended
March 31, (in thousands) 2026 2025 Cash used in operating activities $ (393,675) $ (350,020) Changes in operating assets and liabilities Accounts receivable (120,542) (53,268) Inventories (34,986) 38,531 Commodity derivatives (13,235) 1,076 Other current and non-current assets (22,535) (8,558) Payables and other current and non-current liabilities (270,522) (384,775) Total changes in operating assets and liabilities (461,820) (406,994) Cash from operations before working capital changes $ 68,145 $ 56,974
Cash 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 assets, and payables and accrued expenses 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.Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-andersons-inc-reports-first-quarter-results-302762937.htmlCision
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2026/05/c5602.html
View Comments
